House Bill 2504 Spring 2011 Course Syllabus ECON-2302-60 (Prin Economics - Micro)
Spring 2011 Course Syllabus
ECON-2302-60 (Prin Economics - Micro)
|Instructor||Boudreaux, Lowell Anthony|
|Course ID #||10448|
|Course Title||Prin Economics - Micro|
|Course Description||Introduction to economic principles; allocation of resources; determination of output and prices; distribution and managerial economics.|
|Course Prerequisites||Basic skills competency in reading and writing.|
|Required Textbooks||Required Economics by McConnell and Brue, Eighteenth Edition, McGraw-Hill, ISBN 978-0-07-337569-4; MHID 0-07-337569-1|
•Explain what economic principles are and how they are derived.
•List eight economic goals and give examples of conflicting and complementary goals.
•Define the economizing problem.
•Identify the four economic factors of production and income associated with each.
•Explain the concepts of allocative efficiency, productive efficiency and full production.
•Describe in detail the production possibilities curve.
•Differentiate between supply/demand, graph supply/demand curves, and state the Law of Demand and Supply.
•List the major determinates of demand and supply.
•Explain the concept of equilibrium price and quantity.
•Differentiate between economic and normal profits.
•Explain the three forms of business.
•Define and explain the differences between spillover benefits and cost.
•Identify the major sources of revenues and expenditures for local, state and federal government.
•Define price elasticity of demand, explain the meaning of elastic, inelastic, and perfectly inelastic demand, and list the determinates of demand
•Use total revenue changes to determine elasticity of demand.
•Explain income elasticity and its relationship to normal and inferior goods.
•Explain cross elasticity of demand and its relationship to substitute and complementary goods.
•Define marginal utility and state the law of diminishing marginal utility.
•State the utility maximizing rule and use it to determine consumer spending.
•Distinguish between implicit and explicit cost and between normal and economic profits.
•Compute marginal, average, and total product, fixed, variable and total cost.
•Explain the difference between marginal and average cost.
•Distinguish between the long and short run in profits and cost.
•List the causes and explain economies and diseconomies of scale.
•Describe the characteristics of a purely competitive firm, and compute average, total and marginal revenue.
•Explain the long run equilibrium position for a competitive firm.
•Differentiate between productive and allocative efficiency and how it is achieved in a purely competitive firm.
•Describe the characteristics of a pure monopoly, and compute marginal revenue for a pure monopoly.
•Describe the differences between a discriminating and nondiscriminating monopoly.
•Explain the two pricing goals of monopoly regulation and the dilemma of regulation.
•List the characteristics of monopolistic competition, explain the reasons for excess capacity and discuss nonprice competition.
•List the characteristics of oligopolistic industries.
•Describe and compare the four-firm concentration ratio and the Herfindahl index.
•Identify the three models of oligopolistic price-output behavior.
•Differentiate between homogenous and differentiated oligopolies and overt and covert collusion.
•Explain price leadership, cost-plus pricing, and the two theories of advertising.
•Explain marginal-revenue of product and marginal-resource cost and explain the MRP schedule.
•Find the least cost and profit maximizing combination of resources.
•Differentiate between real and nominal wages and show how equilibrium wages are determined.
•Explain the effects of labor unions on wages and the difference between inclusive and exclusive unions.
•List factors behind wage differentials and describe various salary systems.
•Discuss economic rent, rent differentials, and rents cost to the individual.
•Differential between real and nominal interest rates.
•Describe how the interest rates are established and its effect of investment.
|Major Assignments||Six major exams will be given during the semester. The final exam will not be comprehensive and will only comprise material covered after the fifth exam. Students may elect to have their lowest exam grade to be dropped. A student may volunteer to take a comprehensive final exam over all covered material. The student’s grade will then be averaged using the final exam score. If the student scores higher on the final than his/her semester average his/her semester grade will be the higher of the two. Questions for all six exams will cover textbook readings, handouts, and class discussions. The daily average is made of selected assignments from the text, pop quizzes and other assigned projects. Each student will have the opportunity to earn 30 points of extra credit, which can be used to supplement their total possible points. Extra credit projects and activities will be assigned throughout the semester. Students, who elect to participate, will have the opportunity to pick from among several various assignments.|
|Discussion Topics||Assignments are due when specified by the instructor. If you miss a daily or homework assignment, you will be given a grade of 0 for that assignment.|
|Attendance Policy||Research has shown a cause and effect relationship between attendance and college success. Record will be taken at the beginning of each class, by seating chart. Being in class, on time, each class meeting is extremely important. A student, who enters the classroom after the bell and/or the roll, has been checked, will be considered absent. If a student is late or absent, it is the student’s responsibility to obtain the assignment. Under special circumstances make-up exams will be given at the end of the semester. I must be notified, the day of the exam if a special circumstance exists.|
|Determination of Final Grade||
Six major exams (100 points each) 600 Daily average 100 Total possible points 700
Course grades will be assigned using the following scale
0 – 419 F
|Final Exam Date||May 11, 2011 - 1:55 PM|
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